Latest Breaking News

Purveyor

(29,876 posts) Thu Jun 18, 2015, 08:39 PM Jun 2015

Worries About Greece Prompt Emergency Euro Zone Meeting

Source: Washington Post

June 18 at 8:03 PM

The euro zone’s 19 leaders have been summoned to an emergency summit next week after talks about Greece’s bailout ended in acrimony Thursday, intensifying fears that the country was heading for bankruptcy and an exit from the euro.

Donald Tusk, who chairs meetings of European leaders, called them to Brussels on Monday evening to “urgently discuss the situation of Greece at the highest political level,” frustrated at the lack of progress less than two weeks before a big payment Athens must make to the International Monetary Fund.

It will be one of — if not the — most important meetings in the euro’s 16-year existence. Greece’s future in the currency, which it adopted in 2001, could be at stake when Greek Prime Minister Alexis Tsipras faces his peers, including German Chancellor Angela Merkel and French President François Hollande.

“The key emergency, in my view, is to restore a dialogue with adults in the room,” IMF Managing Director Christine Lagarde said.

Read more: http://www.washingtonpost.com/business/economy/worries-about-greece-prompt-emergency-euro-zone-meeting/2015/06/18/35311de4-15f5-11e5-89f3-61410da94eb1_story.html

1 replies

= new reply since forum marked as read

Highlight:

Worries About Greece Prompt Emergency Euro Zone Meeting (Original Post) Purveyor Jun 2015 OP

Greek crisis: ECB meeting to decide on €3.5bn emergency funding muriel_volestrangler Jun 2015 #1

muriel_volestrangler

(101,333 posts)

1. Greek crisis: ECB meeting to decide on €3.5bn emergency funding

Reply to Purveyor (Original post)

Fri Jun 19, 2015, 04:44 AM

Jun 2015

European Central Bank holds emergency meeting following the acrimonious breakdown of talks between finance ministers in Luxembourg

After the talks broke up with a war of words between Greece and its creditors, European leaders agreed to an emergency summit on Monday evening. The timing - just three days before a scheduled summit of all European Union leaders - was determined by fears of a run on the banks.

Greek depositors have withdrawn more than €3.2bn since Monday, including €1.2bn on Thursday, raising fears of a run on the banks.

The ECB warned finance ministers on Thursday that Greek banks may not open on Monday. According to Reuters, when asked whether the banks would be open on Friday, ECB executive board member Benoit Coeure said: “Tomorrow yes. Monday I don’t know.”

On Friday morning, the ECB’s decision-making governing council will discuss a request from the Bank of Greece for an increase in liquidity to Greek banks. According to newspaper Kathimerini, the Bank of Greece will ask for – and expects to get – €3.5bn (£2.5bn) of assistance via the Emergency Liquidity Assistance (ELA) facility. The request comes just two days after the ECB threw Greece a €1.1bn lifeline in ELA funds.

http://www.theguardian.com/business/2015/jun/19/greek-crisis-ecb-meeting-to-decide-on-emergency-funding

Reply to this discussion